UK house prices fall at fastest rate in two years; factories suffer ‘lethal cocktail’ – business live

Average UK house prices fell 1.4% in November, as the fallout from the mini-budget continued to impact the market," says Nationwide

• Full story: UK house prices fall at fastest pace since 2020 amid fallout from mini-budget

The fiscal fiasco" of the mini-budget helped to push house prices down in November, explains Victoria Scholar, head of investment at interactive investor:

Nationwide's UK November house price index grew by 4.4% year-on-year slowing from 7.2% in October and falling short of estimates for growth of 5.8%. On a monthly basis, house prices slid by -1.4% versus a drop of 0.9% in November and below forecasts for -0.3%.

This was the biggest monthly decline in June 2020 at the height of the pandemic.

For example, in Scotland and the North of England, this typical buyer would be in the 30th income percentile, while in the South West they would be in the 80th percentile, and above the 90th percentile in London and the South East.